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Key Senator Says Strength Trumps Location for Consumer Agency

WASHINGTON -- As credit unions and other financial service providers awaited a draft of the Senate regulatory restructuring, a key negotiator of the bill said when it comes to a new consumer agency, location is less important than teeth.

By Claude R. Marx | Updated on March 16, 2010

WASHINGTON — In real estate, it’s all about location, location, location.But as credit unions and other financial service providers awaited a draft of the Senate regulatory restructuring, a key negotiator of the bill said when it comes to a new consumer agency, location is less important than teeth.

Sen. Bob Corker (R-Tenn.) said last Thursday that members of his party don’t want a final bill in which consumer protection would trump safety and soundness concerns and that he and Senate Banking Committee Chairman Christopher Dodd (D-Conn.) had reached agreement on placing the new consumer regulator inside the Federal Reserve. Dodd was planning to unveil legislation on his own, without Republican co-sponsors on Monday March 15.

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